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Moxie Company 2014

The following data were taken from the records of Moxie Company for the year
ended December 31, 2014.

Raw materials

Factory
insurance

7,400

Inventory
1/1/14

47,000

Factory machinery

Raw
materials

Depreciation

7,700

Inventory
12/31/14

44,200

Factory utilities

12,900

Finished
goods

Office utilties expense

8,600

Inventory
1/1/14

85,000

Sales revenue

465,000

Finished
goods

Sales discounts

2,500

Inventory
12/31/14

57,800

Plant Manager's salary

60,000

Work
in Process

Factory property taxes

6,100

Inventory 1/1/14

9,500

Factory repairs

800

Work
in Process

Raw materials purchases

62,500

Inventory
12/31/14

8,000

Cash

18,000

Direct
Labor

145,100

Indirect
Labor

18,100

Accounts
Receivable

27,000

Instructions
(a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were
direct materials.)
(b) Prepare an income statement through gross profit.
(c) Prepare the current assets section of the balance sheet at December 31.